Philippine Senator Bam Aquino announced his intention to propose a bill that would integrate the country’s national budget onto a blockchain. This initiative aims to enhance transparency in government finances.
Aquino's Blockchain Budget Initiative
Senator Bam Aquino plans to file the bill "in the next couple of weeks." According to Aquino, integrating the government’s budget and transactions into a blockchain platform would enhance transparency.
Examples of Blockchain Adoption in the Philippines
At the end of July, the Philippine government launched a blockchain-based document validation system on the Polygon platform, even amidst network outages on the same day. This initiative resulted from the partnership between the local nonprofit Blockchain Council of the Philippines and the Department of Information and Communications Technology.
Growing Government Interest in Blockchain Technologies
Government commitment to blockchain is becoming increasingly evident worldwide. Recent statements from officials discuss plans to employ new technologies for ensuring transparency in economic statistics, including publishing GDP data on the blockchain.
Initiatives like Senator Aquino's proposal highlight the growing interest of governmental structures in blockchain technologies as a means to improve financial transparency and governance.
